EUR/NOK climbs to highs near 9.47

FXStreet (Edinburgh) - The Norwegian krone is extending its depreciation on Friday, sending EUR/NOK to the area of 9.4700 the figure.

EUR/NOK testing 4-week tops

The cross is advancing since Tuesday, managing to rebound from the 9.20 region to the boundaries of 9.47 today, trading at shouting distance from 4-week peaks recorded on Wednesday.

NOK lost further ground today after the unemployment rate stayed at a non-seasonally adjusted 2.9% during October. In addition, the Norges Bank has announced it will sell NOK 700 million per day during November under transfers to the Government Pension Fund Global (GPFG), ahead of its meeting on November 5.

EUR/NOK important levels

As of writing the cross is up 0.50% at 9.4492 facing the next resistance at 9.5165 (76.4% Fibo of 9.6319-9.1420) followed by 9.5564 (high Aug.24) and then 9.6317 (2015 high Sep.29). On the flip side, a breakdown of 9.3874 (50% Fibo of 9.6319-9.1420) would expose 9.3046 (55-day sma) and finally 9.1405 (100-day sma).
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